Voya Emerging Markets High Dividend Equity Fund

Effective May 6, 2019, Voya Investment Management Co. LLC will serve as the sole sub‐adviser to the Voya Emerging Markets High Dividend Equity Fund. As a result, the Fund's investment strategies, portfolio managers and fees will change. Please see press release for more details.

The Fund’s investment objective is total return through a combination of current income, capital gains and capital appreciation.

Daily Prices

as of May 24, 2019

Product Facts

Ticker Symbol

IHD

CUSIP

92912P108

Inception Date

April 26, 2011

Dividends Paid

Quarterly

About this Product

Invests primarily in dividend producing equity securities of issuers located in emerging markets

Sells call options on selected ETFs and/or international, regional or country indices of equity securities, and/or on equity securities, with the underlying value of such calls representing 15% to 50% of total value of the Fund’s portfolio

Investment Objective

The Fund’s investment objective is total return through a combination of current income, capital gains and capital appreciation.

My Representatives

Investment Team

Portfolio Management Team

Voya Investment Management Co. LLC

Investment Sub-Adviser

Voya Investment Management Co. LLC (“Voya IM” or “Sub-Adviser”), a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM is an indirect, wholly-owned subsidiary of Voya Financial, Inc. and is an affiliate of the Adviser. Voya IM has acted as adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. The principal office of Voya IM is located at 230 Park Avenue, New York, New York 10169. As of December 31, 2016, Voya IM managed approximately $86.4 billion in assets.

Paul Zemsky, CFA

Chief Investment Officer, Multi-Asset Strategies and Solutions

Years of Experience: 35

Years with Voya: 14

Paul Zemsky is the chief investment officer and founder of the Multi-Asset Strategies and Solutions Team (MASS) at Voya Investment Management. He is responsible for the firm’s suite of value-added, customized and off-the-shelf products and solutions that are supported by the team’s asset allocation, manager research, quantitative research, portfolio implementation and multi-manager capabilities. Prior to joining the firm, he co-founded CaliberOne Private Funds Management, a macro hedge fund. Paul began his career at JPMorgan Investment Management, where he held a number of key positions, including head of investments for over $300 Billion of Fixed Income assets. Paul is a member of the firm’s Management Committee and a board member of Pomona Capital. He holds a dual degree in finance and electrical engineering from the Management and Technology Program at the University of Pennsylvania and holds the Chartered Financial Analyst® designation.

Vincent Costa, CFA

Head of Value and Global Quantitative Equities

Years of Experience: 34

Years with Voya: 13

Vincent Costa is head of the value and global quantitative equities teams and also serves as a portfolio manager for the active quantitative and fundamental large cap value strategies. Vinnie joined Voya Investment Management (Voya IM) in April 2006 as head of portfolio management for quantitative equity. Prior to joining Voya IM, he managed quantitative equity investments at both Merrill Lynch Investment Management and Bankers Trust Company. He earned a BS in quantitative business analysis from Pennsylvania State University and an MBA in finance from the New York University Stern School of Business, and holds the Chartered Financial Analyst® designation.

Peg DiOrio, CFA

Head of Quantitative Equity Portfolio Management

Years of Experience: 26

Years with Voya: 7

Peg DiOrio is the head of quantitative equity portfolio management at Voya Investment Management and serves as a portfolio manager for the active quantitative strategies. Prior to joining the firm, she was a quantitative analyst with Alliance Bernstein/Sanford C. Bernstein for sixteen years where she was responsible for multivariate and time series analysis for low volatility strategies, global equities, REITs and options. Previously, she was a senior investment planning analyst with Sanford C. Bernstein. Peg received an MS in Applied Mathematics, Statistics and Operations Research from the Courant Institute of Mathematical Sciences, NYU and a BS from SUNY Stony Brook. She holds the Chartered Financial Analyst® designation. She formerly served as president of the Society of Quantitative Analysts and continues to serve on the board of directors. Peg is on the external advisory board for the Applied Math and Statistics Department of Stony Brook University.

Steven Wetter

Portfolio Manager

Years of Experience: 31

Years with Voya: 7

Steven Wetter is a portfolio manager on the global quantitative equity team at Voya Investment Management responsible for the index, research enhanced index and smart beta strategies. Prior to joining the firm, he served as Co-Head of International Indexing responsible for managing ETFs, index funds and quantitative portfolios at BNY Mellon, and formerly held similar positions at Northern Trust and Bankers Trust. Steve earned a BA from the University of California at Berkeley, and an MBA in finance (with distinction) from New York University Stern School of Business.

The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.

Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.

Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.

The Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses and may be subject to possible recoupment. Please see the Fund's prospectus for more information. The expense limits will continue through at least 2021-03-01. The Fund is operating under the contractual expense limits. Total investment return at market value measures the change in the market value of your investment assuming reinvestment of dividends and capital gain distributions, if any, in accordance with the provisions of the Fund’s dividend reinvestment plan. Total investment return at market value is not annualized for periods less than one year.

Portfolio

Portfolio Statistics

As of April 30, 2019

Net Assets millions

Net Assets:

The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding.

Top Country Weightings

% of Total Investments as of April 30, 2019

Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.

Distributions

Distributions

Payment Frequency: Quarterly

Ex-Date

Ex-Date:

Date on which a stock begins trading without the benefit of the dividend. Typically, a stock’s price moves up by the dollar amount of the dividend as the ex-dividend date approaches, then falls by the amount of the dividend after that date.

Payable Date

Payable Date:

Date on which a declared stock dividend or a bond interest payment is scheduled to be paid.

Record Date

Record Date:

Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend.

Ordinary Dividends

Ordinary Dividends:

Payout to shareholders of interest, dividends, or other income received by the Fund, net of operating expenses. By law, all such income must be distributed to shareholders, who may choose to take the money in cash or reinvest it in more shares of the Fund.

Short Term Capital Gains

Short Term Capital Gains:

The profit realized from the sale of securities held for less than one year.

Long Term Capital Gains

Long Term Capital Gains:

Gain on the sale of a security where the holding period was 12 months or more and the profit was subject to the long-term capital gains tax.

Return of Capital

Return of Capital:

Total Amount

Distributions

04/01/2019

04/15/2019

04/02/2019

$0.015000

$0.000000

$0.000000

$0.170000

$0.185000*

Distributions*

12/28/2018

01/15/2019

12/31/2018

$0.000000

$0.000000

$0.000000

$0.000000

$0.185000

Distributions*

10/01/2018

10/15/2018

10/02/2018

$0.000000

$0.000000

$0.000000

$0.000000

$0.185000

Distributions

07/02/2018

07/16/2018

07/03/2018

$0.074000

$0.000000

$0.000000

$0.111000

$0.185000*

Totals: $0.740000

*The Fund estimates that it
has distributed more than its income and net realized capital gains; therefore,
a portion of your distribution may be a return of capital, which will have the
effect of reducing your cost basis in the Fund’s shares and thereby increasing
the amount of capital gain, if any, or decreasing the amount of capital loss,
if any, that you will realize when selling or exchanging Fund shares. A return of capital may occur, for example, when some
or all of the money that you invested in the Fund is paid back to you. A return
of capital does not necessarily reflect the Fund’s investment performance and
should not be confused with ‘yield’ or ‘income’. When distributions exceed
total return performance, the difference will reduce the Fund's net asset value
per share. The
final determination of the tax characteristics cannot be determined until
after 2018-12-31 and reported to shareholders on Form 1099-DIV at that
time.

To obtain an estimate of the
components for each distribution please refer to the distribution press
releases.

The Fund intends to make
regular quarterly distributions based on the past and projected performance of
the Fund.

The tax treatment and characterization of the
Fund’s distributions may vary significantly from time to time, depending on
whether the Fund has gains or losses on the call options written on its
portfolio versus gains or losses on the equity securities in the portfolio. The
Fund’s distributions will normally reflect past and projected net investment
income, and may include income from dividends and interest, capital gains
and/or a return of capital. The final composition of the tax characteristics of
the distributions cannot be determined with certainty until after the end of
the year, and will be reported to shareholders at that time. The amount of
quarterly distributions will vary, depending on a number of factors. As
portfolio and market conditions change, the rate of distributions on the common
shares will change. There can be no assurance that the Fund will be able to
declare a distribution in each period.

Pagination

Disclosures

Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Price volatility, liquidity, and other risks that accompany an investment in equity securities of domestic and foreign companies, and small and mid sized capitalized companies. International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Risks of foreign investing are generally intensified for investments in emerging markets.

Options Risk

The Fund may purchase put and call options and may write (sell) put options and call options and is subject to Options Risk. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option or purchased put option or the purchase cost of the security for a written put option or a purchased call option is adjusted by the amount of premium received or paid. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract. A decision as to whether, when and how to buy or sell options under the Fund’s strategy involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. When an option purchased or sold by the Fund is exercised or closed out, the Fund may be required to sell portfolio securities or to deliver portfolio securities to the option purchaser to satisfy its obligations when it would not otherwise choose to do so, or the Fund may choose to sell portfolio securities to realize gains to offset the losses realized upon option exercise. Such sales or delivery would involve transaction costs borne by the Fund and may also result in realization of taxable capital gains, including short-term capital gains taxed at ordinary income tax rates, and may adversely impact the Fund’s after-tax returns.

For financial professional use only. Not for inspection by, distribution or quotation to, the general public.

Your clients should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For a free copy of the Fund's prospectus, which contains this and other information, visit us at voyainvestments.com or call Voya Investment Management at 1 (800) 992-0180. Please instruct your clients to read the prospectus carefully before investing.